Chapter 10Entity Structure
One of the first tasks an entrepreneur has to deal with is deciding what kind of business entity to form. There are several types of entities that you can choose for your new business. For example, these entities are corporations, partnerships, and sole proprietorships. We’ll start with the limited liability company.
Limited Liability Company
A single-member Limited Liability Company, or LLC, may be a good choice if you’re starting a new business and you’re the sole owner. A flexible business entity, an LLC is a hybrid containing elements of both partnerships and corporations. The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership ...
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